High incidence of nerve injuries, rising geriatric population, and development of effective stem cell therapy products some key factors expected to drive market growth
According to Emergen Research, the global nerve repair and regeneration market size was USD 6.05 billion in 2019 and is expected to reach USD 11.62 Billion in 2027 and register a revenue CAGR of 9.0% during the forecast period, 2020-2027.
Nerve cell regeneration is the repair or replacement of injured nerve cells. Axons of the peripheral nervous system (PNS) can regenerate in humans. The ability of the human brain to communicate with organs and muscles can be harmed by a nerve injury. Peripheral neuropathy is the result of damage to the peripheral nerves. Therefore, it’s essential to get medical attention as soon as possible if an individual suffers from a peripheral nerve injury. Early detection and treatment help to avoid complications and long-term damage. Increasing incidence of neurological disorders (NDs) due to unhealthy lifestyles, growing geriatric population, and rising popularity of regular health checkups are major factors expected to drive market revenue growth during the forecast period.
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In addition, increasing investments in the development of technologically advanced peripheral nerve regeneration and repair devices, and other efficient related treatment options, favorable regulations on cell-based research activities and growing occurrences of peripheral nerve injuries are some other factors expected to positively impact revenue growth of the market over the forecast period. However, high cost of healthcare expenditure, stringent government regulations and complications and requirement of large scale investments in cell and nerve research activities are some factors expected to restrain market revenue growth over the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Neurostimulation and Neuromodulation Devices Segment Revenue to Expand at a Rapid CAGR:
Neurostimulation and neuromodulation devices segment is expected to register a rapid revenue CAGR over the forecast period due to increasing shift from pharmaceuticals to medical devices, upsurge in chronic diseases, and growing cases of neurologic and psychiatric disorders. The current technological advancements in neurotechnologies has led to rapid increase in the use of neurostimulation devices.
Stem Cell Therapy to Register Significant Revenue Growth:
Stem cell therapy segment is expected to register significant revenue growth over the forecast period owing to favorable government policies and increasing private investments in stem cell research activities, rising brain and spinal cord injuries, growing demand for gene & cell therapies, and increasing demand for Induced pluripotent stem cells (iPSCs) as an alternative to embryonic stem cells (ESCs).
North America to Account for Largest Revenue Share:
North America is expected to account for largest revenue share in the global market over the forecast period due to increasing incidence of neurological disorders, favorable reimbursement policies, and well established healthcare infrastructure. In addition, rapidly rising geriatric population, launch of advanced nerve repair products, and increasing funding for clinical trials are some other factors expected to contribute to market growth in the region.
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Major Companies in the Market Include:
- Abbott Laboratories
- Boston Scientific Corporation
- BAXTER INTERNATIONAL, INC.
- LIVANOVA, PLC.
- AXOGEN, INC.
- Stryker Corporation
- Cyberonics, Inc.
- INTEGRA LIFESCIENCES
- SOTERIX MEDICAL, INC.
For the purpose of this report, Emergen Research has segmented the nerve repair and regeneration market on the basis of product, surgery, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
- Neurostimulation and Neuromodulation Devices (Sacral Nerve, Spinal Cord, Vagus Nerve, Gastric Electric, and Deep Brain Stimulation Devices)
Surgery Outlook (Revenue, USD Billion; 2017-2027)
- Stem Cell Therapy
- Direct Nerve Repair
- Nerve Grafting
- Neurostimulation and Neuromodulation Surgeries
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Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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